Does it matter if the seller's equipment is leased rather than owned outright?

Yes, and it's an easy detail to miss if you're focused on the business's financial statements rather than reading through what "its" equipment actually consists of. Equipment shown on a balance sheet, or simply present and in use at the business, isn't necessarily owned outright — it may be financed under a lease or equipment-finance arrangement where a third party retains an interest in it until it's paid off, and that arrangement typically isn't something you can simply assume as the new owner without the lessor's consent.

If you're buying assets, you need to know specifically which equipment is truly owned and can transfer outright, and which is subject to a lease or finance arrangement that either needs to be assumed with the lessor's consent, paid off at closing, or excluded from the deal entirely with the seller arranging its own return or payout. Buying "the equipment" without checking this can leave you thinking you own something you're actually still obligated to pay for, or that could be repossessed if the underlying lease isn't kept current.

Get an itemized list of equipment with ownership status confirmed for each piece before you finalize price. A Treadstone business lawyer can help sort out what actually needs the lessor's consent to assume.